- Ethereum ballistic rise adds 10% to its value in a matter of minutes.
- Narrowing gap between 100 SMA daily and 200 SMA daily indicates building bullish momentum.
ETH/USD is in an upward roll on Tuesday 2 following the return of the bulls on the market. A correction has been made past the range resistance at $140.01 which happens to coincide with the 61.8% Fibonacci retracement level taken between the last swing high of $165.64 and a swing low of $100.83.
Ethereum Technical Analysis – ETH/USD 4 Hour Chart
The 4-hour chart shows a continued upward momentum above the trendline support since February 6. Further upside motion zoomed past both the 200 SMA and the 100 SMA 4-hour. There was more struggle at the 38.2% Fib retracement level but the bulls increased their grip sending ETH/USD past the 61.8% Fib level before forming a high at the swing high on February 24. However, the price corrected due to lack of momentum sliding into a range between $119.65 and $140.01.
Ethereum 4-hour technical key levels
Support 1: 61.8% Fib level (resistance turned support)
Support 2: $130.00
Support 3: $119.66
100 SMA: 137.77
200 SMA: 135.73
Resistance 1: $150.00
Resistance 2: $160.00
Resistance 3: $165.64 (Fib Swing High)
Ethereum Daily Technical Chart
The daily ETH/USD chart shows the price trending upwards between the 200 SMA support and the 100 SMA resistance. The gap between the simple moving averages is narrowing to show that the trending is in favor of the bulls. Moreover, if the 100 SMA can double-cross above the 200 SMA, we could see more upside movement above the $160 target and the February high at $165.64.
Meanwhile, the RSI in the same weekly range at 63.68 is pointing upwards towards the overbought region (from 70). The last time the indicator brush shoulders with the region were on February 23 according to the weekly chart. If it continues to trend higher, expect Ethereum to sustain a bullish upside motion while protecting key support levels.